Syndicate, a decentralised investment protocol and social network, claims to have established 10% of all decentralised autonomous organisations (DAO) in existence in less than three weeks of operation. A13Z and Coinbase Ventures, among others, have invested in Syndicate, a DAO building platform. The team announced the news in a tweet on February 15th.
Will Papper, co-founder of Syndicate, explained that the project has created 450 investment clubs as DAOs, which is little more than 10% of the “best estimates” of 4227 DAOs in existence, according to DeepDAO’s statistics and numbers reported in Forbes. DeepDAO is a tool for tracking decentralised organisations.
The rise of new organisations at Syndicate indicates that the DAO governance structure has grown in popularity since its initial introduction to the crypto mainstream just a few years ago. BitDAO (BIT) and Uniswap are now the two most popular DAOs (UNI). Uniswap DAO and BitDAO were formed respectively in 2020 and 2021. They now control a total of $4.4 billion in treasury funds.
The Republic of the Marshall Islands became the first sovereign government to accept DAOs as legal entities this week.
